It looked too good to be true, and it was. Since the opening recovery of the 50 point dip, markets have shattered new lows and are now swimming in blood. The Nasdaq is down by more than 115. You can be bullish if you want — but I have no choice but to toss in the towel.
As a result, I sold the following stocks this morning, moving to a 60% cash position.
TEAM, SOXL, NOW, TWLO and SQ.
Again, this has nothing to do with whether I think stocks will bottom or not. If they do bottom, I will, unfortunately, miss out on the uptick. That is the price to pay for buying into stocks too early. I’d rather protect my account than enjoy a nice 10% lift off the lows. By the way this market is dangling, it could very easy close at the lows, causing a new and fresh panic amongst the unwashed, barreling into the November elections.If you enjoy the content at iBankCoin, please follow us on Twitter